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US Dollar consolidating below 113.6

US Dollar consolidating below 113.6 | 17 March 2017

17 March 2017, USD/JPY

US Dollar consolidating below 113.6

Wave Analysis:

Instead of continuing short following the break below 113.64, the US Dollar continues to consolidate below 113.6 but is still pretty much bearish both on the daily and the weekly charts. Although we expect further bearish momentum, we choose to sit on the sidelines momentarily and wait for a bullish correction towards 113.6 to give us low risk sell opportunities. This view can only be rendered futile in case the anticipated correction end up above 113.67, if this is the case, then an acceleration to the upper side is inevitable. Expect an exact similar price action in USDCHF, CADJPY, NZDJPY and HKDJPY. These pairs have a strong positive correlation of up to +86% and will move in the same direction during this intraday.
Trade Recommendations:
Wait for minor bullish pullbacks towards 113.64 to go short with an ideal target at 111.72

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Bob Stan
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